Archive - Apr 17, 2009

Tyler Durden's picture

The Visible Hand





Perspectives from Eric Sprott as a result of heightened reader inquiry.

 

Tyler Durden's picture

Guest Post: The Real Implications Of China's Currency Policy





Submitted by Ranjan Roy of Shadow Bankers

 

Tyler Durden's picture

Daily Credit Market Summary: April 17 - Diverging Drama





Spreads were mixed in the US today with IG worse, HVOL improving, ExHVOL weaker (thanks to high beta short-squeeze), XO stronger, and HY selling off. Indices typically underperformed single-names (for the fifth day in a row) with skews mostly narrower as IG underperformed but narrowed the skew (to its tightest of 2009), HVOL outperformed but widened the skew, ExHVOL intrinsics beat and narrowed the skew (to almost zero), XO underperformed but compressed the skew, and HY's skew widened as it underperformed.

 

Tyler Durden's picture

Goldman Sachs Principal Transactions Update: 850 Million Shares





"For every seller there is a buyer."

Goldman Sachs continues its to trounce everyone in principal program purchases, its 850 million principal shares representing 81% of all its traded shares, more than half of all NYSE reporting firms principal trades.

Maybe Goldman can focus on servicing its "clients" instead of "itself" for once.

 

Tyler Durden's picture

Suiciding The Market





Zero Hedge presented some perspectives on how broken the market is yesterday. The trend continues as today's quant deleveraging trade already finished (market neutral quants down 17% in March, April likely much worse).

 

Tyler Durden's picture

Suiciding The Market





Zero Hedge presented some perspectives on how broken the market is yesterday. The trend continues as today's quant deleveraging trade already finished (market neutral quants down 17% in March, April likely much worse).

 

Tyler Durden's picture

More Technical Perspectives





California unemployment hits record 11.2%, market spikes on the news. Market next stop 1,200.

compliments of http://www.creditresearch.com/

 

Tyler Durden's picture

More Technical Perspectives





California unemployment hits record 11.2%, market spikes on the news. Market next stop 1,200.

compliments of http://www.creditresearch.com/

 

Tyler Durden's picture

Weekly Observations





Choice selections among David Rosenberg's main weekly observations.
Down profit cycle has more to run

The S&P 500 can still rally another 15% from here without violating any long-term trendline that has defined the bear market. So, who is to say that this upturn does not have more legs? But we are still convinced that the down profit cycle has more to run.

 

Tyler Durden's picture

Weekly Observations





Choice selections among David Rosenberg's main weekly observations.
Down profit cycle has more to run

The S&P 500 can still rally another 15% from here without violating any long-term trendline that has defined the bear market. So, who is to say that this upturn does not have more legs? But we are still convinced that the down profit cycle has more to run.

 

Tyler Durden's picture

BlackRock Hires Vice Chairman Of U.S. Treasury Borrowing Advisory Committee





Bloomberg reports that Larry Fink's BlackRock has taken over R3 Capital Management, a $1.5 billion credit hedge fund started by ex-Lehman corporate bond trading desk head Rick Rieder.

 

Tyler Durden's picture

Open Letter To Quant Funds





In his April 14th report Matt Rothman wrote about a dramatic, parabolic outperformance trend for names with high short interest, low prices and fundamentally weak names. He opined that all conditions for this trend to end are in place. Contrary to his very valid arguments, the trend accelerated yesterday.

Stocks with poor fundamentals, market share losses and poor earning prospects that quantitative managers tend to short, gained more than higher quality long positions.

 

Tyler Durden's picture

Open Letter To Quant Funds





In his April 14th report Matt Rothman wrote about a dramatic, parabolic outperformance trend for names with high short interest, low prices and fundamentally weak names. He opined that all conditions for this trend to end are in place. Contrary to his very valid arguments, the trend accelerated yesterday.

Stocks with poor fundamentals, market share losses and poor earning prospects that quantitative managers tend to short, gained more than higher quality long positions.

 

Tyler Durden's picture

The General Growth Emperor's New Clothes





Zero Hedge discloses all the deals and loans which will inevitably suffer as a result of GGP's bankruptcy, in order to allow readers to make their own conclusions whether or not Bill Ackman's thesis is correct.

 

Tyler Durden's picture

IMF's World Economic Outlook: Not Good





Excerpts from the IMF's World Economic Outlook (chapter 3 and 4).

Amazing comparisons with the Great Depression. The main difference:

 
Do NOT follow this link or you will be banned from the site!